Real Estate Home Mortgages/help please!!!

QuestionMy best friend and i bought a house together about 4-5 years ago..and needless to say life has pulled us in different directions..i want to sell or current residence but we have not fulfilled our 30 yr loan..if we sell will this hurt my credit and are there heavy fees to pay?

AnswerNo, there is no impact to your credit for selling prior to the 30 year loan- or any other term loan for that matter- being paid off early. Very few people keep a loan for its full term anymore.

The fees involved would be your Realtor fees if you use a Realtor and title policy fees. While it is not likely that you have a prepayment penalty you may want to look that up in your loan documents. Most prepayment penalties expire after 3 years, and most loans don't have a prepayment penalty in the first place.

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This was a great help...short and sweet...and great response time thanks.

About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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